What kind of economy is Sweden
This is how Germany and Sweden get through the crisis
In fighting the corona pandemic, Sweden took a special path for a long time and largely relied on the self-discipline of the population. Has that also benefited the country's economy? As the Statista chart based on a forecast by the European Commission shows, the country's gross domestic product (GDP) will only decline by 3.4 percent in 2020 compared to the previous year. Only Lithuania and Ireland would be better off across the EU. According to the forecast, German GDP will fall by 5.6 percent. On the other hand, Germany is doing better in terms of the labor market. The Swedish unemployment rate is therefore more than twice as high as the German, but will remain in the single digits, probably also in 2021.
Even before the pandemic began, Sweden's national debt was significantly lower than that of Germany and will not grow as rapidly in 2020 as that of the Federal Republic. The forecast of the EU Commission was published on November 5, 2020 and was therefore not yet able to take into account the federal budget for 2021 that was passed on November 27, 2020. However, Finance Minister Olaf Scholz said in an interview with ZDF on November 30th, 2020 that German national debt would continue to “end up just over 70 percent”.
Inflation will fall well below the 1 percent mark in both Germany and Sweden this year. Consumers should be happy - central bankers like the head of the European Central Bank (ECB), Christine Lagarde, are more critical of the development. Because economic growth would slow down if prices rise too little or even fall too little, because consumers and companies would spend less or invest cautiously in the expectation of further falling prices. The ECB is aiming for a value of just under two percent for the euro area, which it regards as optimal for the economy. Germany comes much closer to this ideal value in 2021 with 1.4 percent than Sweden (0.8 percent). That the Swedish way of fighting pandemics is more business-friendly than the German one cannot therefore be fully read from the above figures.
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